http://www.itfc-idb.org - Jeddah, January 2012: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed a US$60 million Syndicated Structured Finance with an Indonesian sugar refinery, PT Angels Products at IDB Headquarters in Jeddah.
The US$60 million structured trade financing for Indonesia’s PT Angels is for the purchase of raw sugar for the domestic demand. The agreement was signed by Mr Tony Wijaya Ng, Director, PT Pasifik Agro Sentosa, Indonesia and Eng. Hani Salem Sonbol, Deputy CEO of ITFC. Mr. Hasjim Oemar, President Director, PT Pasifik Agro Sentosa, and Mr. Teh Choon Bok, Independent Commissioner, PT Pasifik Agro Sentosa, attended the signing ceremony along with representatives from ITFC. (source)
In welcoming the delegation, Eng. Hani Salem Sonbol, Deputy CEO, ITFC emphasized on the long standing relationship between ITFC and Indonesia; he said “This signing reflects the successful partnership between ITFC and PT Angels.” Then he added, “This deal really augments ITFC’s mandate, which is to support member countries’ strategic sectors and in this case sugar in Indonesia”
From his part, Mr Tony Wijaya Ng, Director, said “ITFC's Financing not only helps our company's working capital requirement but it also aids Indonesia to fulfil its sugar demand annually.”
Indirectly, this operation provides support to Indonesia’s agricultural sector, considered a vital-driven industry employing thousands’ jobs. It is worth mentioning that ITFC and PT Angels Sugar Deal won the Best Deal of the Year from the Trade Finance Magazine, and the Best Murabaha Deal from Global Trade Review Magazine in 2010.
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